Bitcoin uneven distribution as a global currrency

Freshmen

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Quote from: Paranuatu on November 07, 2017, 08:20:47 AM

I am not saying bitcoin gives unfair advantage to early adopters. I think it is great that people were able to get rich by taking early risks.

What I am saying is that if bitcoin is ever to become worlds no 1 currency or asset, the people who bought the majority bitcoin and are holding it now, will be the new world's elite, just like the bankers and ols money people are right now. Except that the elite will be even more anonymous than today.

It is easy for anyone to get access to bitcoin and invest in it, as its worth is increasing so speedy it is about to cross 10000k$ by the end of this year, people are getting obsessed with bitcoin due to the ease and comfort it is giving to the people, those who are not investing at the moment will regret this because it is still affordable to buy and in future it will make new records of success

farhaan

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Bitcoin is a decentralized currency totally uncontrolled by anybody.So obviously,there is no central body to take steps or ensure that bitcoin is being evenly distributed every where.

Its openly available for any one and who knows about it get access to it.Its true that early birds enjoy huge benefits,but they had trust in it and bought it during hard times when most of the people are opposite to it.Its also true that rich people buy more bitcoins with their huge money.But it should also be noticed that bitcoin has provided new earning opportunities to people from even under developed countries.

Paranuatu

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Quote from: UsernameBitcoin on November 07, 2017, 10:07:47 AM

I am 100% completely okay with the people who took a chance having power in the future. That is if they can hold onto it for so long. I don't know why people think they're all going to hold them forever. They're going to spend them eventually, but the good thing is it won't be on war or forming a new government to find ways to get people to pay taxes. The ones who bought early on are mostly good people.

How do you know, the ones who bought early are good people? We know less about these people than we know about Rockeffelers or Rotschilds.

I created this thread because on many occasions I saw here how people divide the world assets (294 trillion) and divide them with total amount of bitcoins (21 million), to come to USD 14 million price for bitcoin. For that, bitcoin would have to be completely unviersally accepted and the unknown elites would own 3/4 of the worlds assets.

Shamie1002

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Yes, there is an uneven distribution of bitcoin. It is at present that this argument is real. More or less bitcoin is still unknown of its use and purposes in some area unlike fiat which is in use in every country and acknowledge by foreign ones. Bitcoin is still unaccessible for some and that is what it makes it uneven. It may have access to all web but never be known without opening it.
Also for those who have nothing to access it.
Well as the prices go higher and higher I think that it will be much harder to access it in the future.

allthingsluxury

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Unfortunately, this is how wealth is spread out in every asset class. A few hold the majority, while the masses have nothing. Rinse and repeat.

cryptojac17

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Quote from: teilwalL05 on November 07, 2017, 08:01:17 AM

Quote from: Theb on November 07, 2017, 07:42:43 AM

I don't think so if these individuals we are talking about are only rivh because of their assets it won't last long as they don't have their own businesses to maintain their wealth and to influence other markets in return. The uneven distribution of Bitcoin is natural for it as it is decentralized and on its early stage it was easy to buy one at an early stage these people who have bought Bitcoin at a cheaper price on a large quantity are lucky people and will know benefit from it with today's higher price.

I agree, and I think bitcoin had a higher price right now than any other currency and it will keep on increasing as the year goes by, it is up to a certain someone if he would truly go with the flow of the increasing with bitcoin by investing with this they can truly catch up with previous bitcoin investors, and I think business man and the rich people right now are very afraid in doing an investment with bitcoin, they are really doubting the possibility in Cryptocurrency.

As of now BTC is the most popular currency that is why the price is higher, lucky are those who bought earlier he is just doing it in a certain way, but there are also lot other currencies that are considered competitors of BTC that should be considered as an opportunities if-you will buy it while the price is low and hold for while maybe it’s not late for us to earn for the future.

aoihs00

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Quote from: Paranuatu on November 07, 2017, 08:29:28 AM

And another thought:
70-80% bitcoins have been mined are are owned by a couple of 10 million adresses. Even if you forget the uneven distribution of the allready owned bitcoin, 99% of people in the world do not own bitcoin right now and even this is an advantage of this 1% compared to most of the worlds population, if the bitcoin ever gets adopted as the main currency.

But do you really think that this 1% could help us get the bitcoin as worlds currency recognition! I don't think so because that is really not enough for the hold to hold and survive on it because simply it is just not enough for everyone.

Bitcoin is not at all distributed equally because early investor gets big chunks of money while the investors like us who are struggling to buy bitcoin at 7K rate would always struggle to acquire that perfect ROI which is just very much impossible now a days in short period of time.

These things are really messy when we see that bitcoin is just limited and can't fulfil every address that is created each second. Afraid that how things will work once the prices are gone high and there is no supply remaining for us to buy more.

UsernameBitcoin

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I am 100% completely okay with the people who took a chance having power in the future. That is if they can hold onto it for so long. I don't know why people think they're all going to hold them forever. They're going to spend them eventually, but the good thing is it won't be on war or forming a new government to find ways to get people to pay taxes. The ones who bought early on are mostly good people.

teamjk

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Quote from: BFTW on November 07, 2017, 09:25:49 AM

Quote from: teamjk on November 07, 2017, 08:54:44 AM

18013 wallets currently hold the 61,77% of BTC
these are the ones that own more than 100 BTC on each wallet.
Each one wallet of these has value now of more than 7 million US$. (today prices)

Not even a crazy would support a global currency with this structure.
simple logic

You might be amazed about the distribution of our 'dear' fiat currency in the world. Try and enter your annual income and see where you are : globalrichlist.net

so you basically propose something similar to the curent wealth distribution system?what is the point of that?

actually what is in BTC right now is even worst.
In real world , 1% holds some 45% of global wealth
in BTC world, some 0,08% hold some 61% of BTC wealth. And we don't count the double and triple wallets at this exercise.

Are we sure that this is the right way to go?

BFTW

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Quote from: teamjk on November 07, 2017, 08:54:44 AM

18013 wallets currently hold the 61,77% of BTC
these are the ones that own more than 100 BTC on each wallet.
Each one wallet of these has value now of more than 7 million US$. (today prices)

Not even a crazy would support a global currency with this structure.
simple logic

You might be amazed about the distribution of our 'dear' fiat currency in the world. Try and enter your annual income and see where you are : globalrichlist.net

teamjk

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Activity: 39

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18013 wallets currently hold the 61,77% of BTC
these are the ones that own more than 100 BTC on each wallet.
Each one wallet of these has value now of more than 7 million US$. (today prices)

Not even a crazy would support a global currency with this structure.
simple logic

Paranuatu

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Limited supply is great for an investment asset, but not for a world currency. Bitcoin as an investment asset, however, is also growing due to the promise that it will one day become a no. 1 global currency.

kiboloves

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I think it's just temporary. Now ETH is more than bitcoin in applications, one day will replace the status of bitcoin. Compared with the previous wealth distribution, the virtual currency should be more fair. And it's more transparent.

Paranuatu

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And another thought:
70-80% bitcoins have been mined are are owned by a couple of 10 million adresses. Even if you forget the uneven distribution of the allready owned bitcoin, 99% of people in the world do not own bitcoin right now and even this is an advantage of this 1% compared to most of the worlds population, if the bitcoin ever gets adopted as the main currency.

Paranuatu

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I am not saying bitcoin gives unfair advantage to early adopters. I think it is great that people were able to get rich by taking early risks.

What I am saying is that if bitcoin is ever to become worlds no 1 currency or asset, the people who bought the majority bitcoin and are holding it now, will be the new world's elite, just like the bankers and ols money people are right now. Except that the elite will be even more anonymous than today.

BFTW

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I highly doubt that its the case. Show some proofs maybe?

Red-Apple

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Quote from: Paranuatu on November 07, 2017, 07:08:43 AM

I have recently read how bitcoin distribution is much more uneven the the current fiat wealth distribution in the the developed countries and the whole world. Few individuals hold very large amount of bitcoins, I am guessing mostly early adopters.

those big balances you see mostly belong to services such as exchanges cold storage. like the first one belonging to bitfinex.
the early adopters have sold at least something and moved their coins to multiple addresses so that nobody can see it. and that is what you get for being an early adopter. there is nothing wrong with that. you could have done it too, the early adopters were not some secret society who got the news about bitcoin first!!!

Quote

One of the early arguments for bitcoin was that it will allow for a fairer distribution of wealth.

not it has never been!
bitcoin is a currency and it is supposed to be a currency not a wealth distributor!

Quote

If bitcoin ever becomes a global currency, a handful of individuals will be extremely rich,more than today's billionaires and policy makers. Those individuals will own half or more of the global assets. They will rule, influence the world and its people.

i bought bitcoin 2 years ago when price was $200. each coin that i may h ave bought back then is worth $7000+ today. is it unfair that i risked my money for 2+ years and you kept your money in banks?

teilwalL05

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Quote from: Theb on November 07, 2017, 07:42:43 AM

I don't think so if these individuals we are talking about are only rivh because of their assets it won't last long as they don't have their own businesses to maintain their wealth and to influence other markets in return. The uneven distribution of Bitcoin is natural for it as it is decentralized and on its early stage it was easy to buy one at an early stage these people who have bought Bitcoin at a cheaper price on a large quantity are lucky people and will know benefit from it with today's higher price.

I agree, and I think bitcoin had a higher price right now than any other currency and it will keep on increasing as the year goes by, it is up to a certain someone if he would truly go with the flow of the increasing with bitcoin by investing with this they can truly catch up with previous bitcoin investors, and I think business man and the rich people right now are very afraid in doing an investment with bitcoin, they are really doubting the possibility in Cryptocurrency.

zakalwe

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Your concerns are on point. I also think this is one of the biggest problems of bitcoin. I don't remember exact numbers but about 1000 bitcoin addresses own like 50% of all bitcoins and those 1000 addresses don't mean 1000 different people because some very rich guys have their bitcoins spread among multiple addresses so maybe only 300 people own 50% of bitcoins. If they decide to sell too much at once, bitcoin will crash massively.

baedrill

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Quote

One of the early arguments for bitcoin was that it will allow for a fairer distribution of wealth.

Who actually said this? Bitcoin was much much easier to get in the earlier days so the argument falls apart instantly. I don't think Satoshi mentioned this in his whitepaper either, so it was never designed with that in mind.

Topic: Bitcoin uneven distribution as a global currrency (Read 351 times)